|16:21 EDT||GOL, COH, MED, AEO, MRVL, RIMM, KORS||On The Fly: Closing Wrap|
Stocks on Wall Street were lower on the day amid reports indicating that this season's holiday season may have been weaker than expected. MasterCard's SpendingPulse unit estimated that spending between October 28 and Christmas Eve rose just 0.7% from a year ago. Data from Consumer Growth Partners indicated a 2.8% sales increase for the holiday period, which would equate to the worst holiday-shopping season growth since 2009... ECONOMIC EVENTS: In the U.S., the S&P/Case-Shiller index of property values in 20 cities increased 4.3% in October from a year ago, versus expectations for a 4% gain. The Richmond Fed December manufacturing survey fell to 5 from a prior reading of 9. Analysts had forecast a drop to a reading of 8. In Europe, most markets were closed. Asian markets, particularly Japan's, traded broadly higher for a second-straight session, as the official appointment of Shinzo Abe as Japan's prime minister continued to drive down the Yen and lift Tokyo-traded share prices... COMPANY NEWS: A jury ordered Marvell Technologies (MRVL) to pay $1.17B in a patent case with Carnegie Mellon University. The Wall Street Journal first reported the news, and a later report by the Pittsburgh Post-Gazette said that if Marvell is found to have willfully violated the patent, the damages due to Carnegie Mellon could triple. Shares of Marvell traded sharply lower following the news, eventually settling down 85c, or 10.30%, to $7.40 on the session... Retail and apparel makers' stocks slid after reports indicated that holiday sales were likely weaker than expected. Among the worst performing retail stocks were Coach (COH), down $3.39, or 5.89%, to $54.13, Michael Kors (KORS), down $3.54, or 6.61%, to $50.03, and American Eagle Outfitters (AEO), down 84c, or 4.10%, to $19.65... MAJOR MOVERS: Among the notable gainers was GOL Linhas (GOL), a low-cost airline in Latin America which saw its U.S. listed shares gain 53c, or 9.09%, to $6.36 after the company announced late Friday that it has segregated the activities of its "Smiles" loyalty program, a business unit it previously said may be put up for an initial public offering. Also higher were shares of Research in Motion (RIMM), up $1.22, or 11.45%, to $11.82 after shares had lost nearly 25% in the two sessions following the release of its Q3 earnings after the close last Thursday. Among the noteworthy losers was Medifast (MED), down $3.86, or 13.15%, to $25.50 after the company's acting CFO resigned... INDICES: The Dow was down 24.49, or 0.19%, to 13,114.59; the Nasdaq was down 22.44, or 0.74%, to 2,990.16; the S&P was down 6.83, or 0.48%, to 1,419.83.